Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.33 to 1.51 billion RMB in 2025, representing a year-on-year growth of 64% to 86% [8] - The growth is driven by the increasing penetration of hybrid vehicles, expansion into overseas markets, and steady growth in the traditional fuel vehicle sector [8] - The company is the only domestic supplier of wet paper-based friction plates for passenger vehicles, benefiting from the trend of domestic substitution [3][8] Financial Forecasts - Total revenue is projected to grow from 206.56 million RMB in 2023 to 433.80 million RMB in 2025, with a compound annual growth rate (CAGR) of 38.78% [1] - Net profit attributable to shareholders is forecasted to increase from 49.18 million RMB in 2023 to 137.39 million RMB in 2025, reflecting a CAGR of 69.53% [1] - The earnings per share (EPS) is expected to rise from 0.87 RMB in 2023 to 2.43 RMB in 2025 [1] Market Expansion and Product Development - The company is expanding its product applications beyond passenger and commercial vehicles to include special vehicles, ships, and low-altitude aircraft [3] - The introduction of the new electronic control limited-slip differential (ELSD) is anticipated to significantly enhance vehicle stability and safety, particularly for new energy vehicles [3] - The global electronic differential market is projected to grow from 4.22 billion USD in 2024 to 11.14 billion USD by 2032, indicating a substantial market opportunity for the company [3] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 95.28 in 2023 to 34.11 in 2025, indicating an improving valuation as earnings grow [1] - The company’s market capitalization is approximately 4.68 billion RMB, with a price-to-book (P/B) ratio of 8.56 [6]

江苏林泰新材科技股份有限公司 关于变更签字注册会计师及项目质量控制复核人的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别 及连带法律责任。 江苏林泰新材科技股份有限公司（以下简称"公司"）于 2025 年 4 月 16 日 和 2025 年 5 月 9 日分别召开第二届董事会第十二次会议和 2024 年年度股东会， 审议通过了《关于续聘公司 2025 年度审计机构的议案》，同意续聘容诚会计师事 务所（特殊普通合伙）为公司 2025 年年度审计机构，具体内容详见公司于 2025 年 4 月 16 日在北京证券交易所官方信息披露平台（www.bse.cn）上披露的《拟 续聘 2025 年度会计师事务所公告》（公告编号：2025-038）。 2026 年 1 月 15 日，公司收到容诚会计师事务所（特殊普通合伙）出具的《关 于变更江苏林泰新材科技股份有限公司签字注册会计师的说明函》，现将相关情 况公告如下： 一、签字注册会计师及项目质量控制复核人变更情况 证券代码：920106 证券简称：林泰新材 公告编号：2026- ...

Core Viewpoint - Lin Tai New Material Technology Co., Ltd. has announced its 2025 performance forecast, expecting a net profit attributable to shareholders of between 133 million to 151 million yuan, representing a growth of 64.48% to 85.95% compared to the previous year's profit of 81.0432 million yuan, indicating a consistent profit growth of over 50% for four consecutive years [1] Group 1: Company Overview - Lin Tai New Material was established in 2015 and successfully listed on the Beijing Stock Exchange on December 18, 2024 [1] - The company specializes in the research, production, and sales of friction plates for automatic transmissions, being the only domestic brand capable of large-scale supply of wet paper-based friction plates and dual plates for passenger car automatic transmissions [1] - Its products cover mainstream automatic transmissions including AT, CVT, DCT, DHT, and DET, applicable in various industries such as vehicles, engineering machinery, high-end agricultural machinery, special vehicles, low-altitude aircraft, and ships, indicating a broad market application prospect [1] Group 2: Performance Drivers - The expected growth in 2025 is attributed to stable revenue growth in the traditional energy vehicle sector while also focusing on the new energy vehicle market, particularly in the sales of hybrid dedicated transmissions (DHT) [1][2] - In the traditional energy vehicle sector, the company has achieved stable revenue growth due to excellent product performance, good market reputation, and high-quality customer service, supporting steady operational performance [2] - In the new energy vehicle sector, despite a slowdown in pure electric vehicle growth, the penetration rate of plug-in hybrid vehicles has rapidly increased, with the company's sales in the DHT sector becoming a major growth point [2] Group 3: International Market Development - In 2025, the company plans to intensify efforts in developing overseas markets, leveraging its technological and brand advantages to enhance product competitiveness and market share [2] - The recognition and reputation of the company's products in overseas markets have improved, leading to increased sales from existing foreign customers and the acquisition of new clients, resulting in a certain degree of growth in export revenue [2]

（文章来源：证券日报） 证券日报网讯 1月15日，林泰新材发布公告称，公司预计2025年归属于上市公司股东的净利润为13， 330万元至15，070万元，上年同期8，104.32万元，同比增长64.48%至85.95%。 ...

证券时报·数据宝统计显示，林泰新材今日收于82.76元，上涨1.55%，日换手率为2.48%，成交额为 8998.26万元，近5日上涨3.13%。通过对2025年业绩预增50%以上的个股走势进行统计发现，预告发布 后当日股价上涨的占比70.83%，股价发布当日股价涨停的有2家。预告发布后5日股价上涨的占比 79.17%。（数据宝） （文章来源：证券时报网） 林泰新材（920106）1月15日发布2025年业绩预增公告，预计实现净利润为1.33亿元~1.51亿元，净利润 同比增长64.48%~85.95%。 ...

证券代码：920106 证券简称：林泰新材 公告编号：2026-001 江苏林泰新材科技股份有限公司 现金管理进展的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 授权现金管理情况 （一）审议情况 江苏林泰新材科技股份有限公司（以下简称"公司"）于 2025 年 1 月 21 日 召开第二届董事会第十次会议、第二届监事会第九次会议，审议通过了《关于使 用部分闲置募集资金进行现金管理》的议案，为提高闲置募集资金使用效率，公 司拟在确保资金安全、不影响募集资金投资项目建设的前提下，于决议有效期限 内使用总金额（任意时点使用募集资金购买理财产品的金额合计）不超过人民币 5,000.00 万元（含本数）的闲置募集资金购买理财产品，投资于安全性高、流 动性好、可以保障投资本金安全的理财产品，包括但不限于结构性存款、大额存 单、通知存款等可以保障投资本金安全的银行理财产品。在前述额度内，资金可 以循环滚动使用，拟投资的期限最长不超过 12 个月。授权公司法定代表人行使 相关投资决策权并签署相关文件，财务 ...

证券代码：920106 证券简称：林泰新材 公告编号：2026-002 江苏林泰新材科技股份有限公司 2025 年年度业绩预告公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 特别提示：本公告所载 2025 年年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2025 年年度报告中披露的数据为准，提请投 资者注意投资风险。 一、本期业绩预告情况 (一)业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 (二)业绩预告情况 √年度实现盈利，且净利润与上年同期相比上升 50%以上 二、本期业绩重大变化的主要原因 2025 年度公司业绩较上年同期增长的主要原因为： 1、在传统能源汽车领域，公司凭借优秀的产品性能、良好的市场口碑和优 质的客户服务，在汽车核心零部件自主可控的大趋势下，该领域内公司产品销售 单位：万元 项目 本报告期 上年同期 变动比例% 归属于上市 公司 股东的净利润 13,330～15,070 8,104.32 64.48%～85.95% ...

Core Insights - On January 8, 2023, brokerage firms provided target prices for listed companies, with notable increases for GCL-Poly Energy, Haiguang Information, and China Pacific Insurance, showing target price increases of 49.60%, 40.27%, and 29.61% respectively, across the photovoltaic equipment, semiconductor, and insurance industries [1][2]. Group 1: Target Price Increases - GCL-Poly Energy (688390) received a target price of 111.00 yuan, reflecting a 49.60% increase from the latest closing price [2]. - Haiguang Information (688041) has a target price of 339.00 yuan, indicating a 40.27% increase [2]. - China Pacific Insurance (601601) has a target price of 60.85 yuan, showing a 29.61% increase [2]. Group 2: Brokerage Recommendations - On January 8, 30 listed companies received brokerage recommendations, with Jinggong Steel Structure, Helen Zhe, and China Chemical each receiving one recommendation [2]. - One company, Allwinner Technology (300458), had its rating upgraded from "Hold" to "Buy" by Zhongyou Securities [3]. Group 3: Rating Downgrades - Two companies experienced rating downgrades: Haixia Co. (002320) was downgraded from "Buy" to "Hold" by Tianfeng Securities, and Sanhua Intelligent Control (002050) was downgraded from "Buy" to "Hold" by Northeast Securities [4]. Group 4: First-Time Coverage - Seven companies received first-time coverage on January 8, including Jieli Rigging (002342) rated "Hold" by Northeast Securities, and Shenchi Electromechanical (603109) rated "Buy" by CITIC Securities [5]. - Other companies receiving first-time ratings include Chenguang Co. (603899) with a "Recommended" rating, and Jinhua New Materials (920015) with a "Hold" rating [5].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [8] Core Insights - The company is a leading domestic manufacturer of wet paper-based friction plates, essential components for automatic transmissions in passenger vehicles, successfully breaking the long-standing monopoly of foreign companies [5][6] - In the first three quarters of 2025, the company achieved revenue of 326 million yuan, a year-on-year increase of 68.9%, and a net profit attributable to shareholders of 107 million yuan, up 131.2% year-on-year [5] - The company is expanding its production capacity, with an expected capacity of 80 million plates per year by the end of 2025, and further growth to 97 million plates per year in 2026 [6] - The company is also venturing into the electronic limited-slip differential (ELSD) market, which is projected to grow significantly, with a global market size expected to reach 11.14 billion USD by 2032 [7] Financial Performance - Revenue projections for 2025, 2026, and 2027 are 421 million yuan, 554 million yuan, and 733 million yuan respectively, with corresponding net profits of 138 million yuan, 181 million yuan, and 238 million yuan [10][11] - The company’s gross margin is expected to improve from 43.7% in 2024 to 47.9% in 2027, indicating strong profitability [13] - The price-to-earnings (P/E) ratio is projected to decrease from 56.17 in 2024 to 19.16 in 2027, suggesting an attractive valuation over time [10][13]

Group 1 - The U.S. President Trump threatened the acting President of Venezuela, Rodriguez, stating that if she does not act correctly, she may face a heavier price than President Maduro [1] - The Danish Prime Minister urged the U.S. to stop threatening to annex Greenland, asserting that such discussions are meaningless [1] Group 2 - The Chinese automotive exports to Venezuela increased by 130% in the first 11 months of 2025, with passenger car exports rising by 166% and truck exports by 99% [6] - The U.S. government has requested American oil companies to invest heavily in Venezuela to restore its oil extraction infrastructure, indicating a push for revitalization of the oil industry [9] Group 3 - The Ministry of Education in China announced plans to establish 15 new undergraduate higher education institutions [4] - The Ministry of Finance in China stated that the issuance of ultra-long-term general government bonds will start on January 14, 2026 [5] Group 4 - The Shanghai government released a plan with 26 measures to optimize the business environment, focusing on efficient government services and fair market competition [7] - The global protests against U.S. military intervention in Venezuela occurred in various countries, condemning U.S. actions and interventionism [8]